• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Banking

Dubai Islamic Bank to axe 500 jobs following Noor acquisition

Dubai Islamic Bank to axe 500 jobs following Noor acquisition
  • Pedro Gonçalves
  • @PeterHSG
  • 04 February 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Dubai Islamic Bank (DIB) is planning to cut more than 500 jobs at newly acquired Noor Bank as part of cost cuts across both lenders, Reuters reports.

Final numbers on the job losses will emerge after completion of interviews between DIB managers and Noor Bank staff. "Cuts will be on both sides, but DIB is the buying side so it is likely cuts will be more on Noor," the source added.

Related articles

  • Major Dubai, Singapore banks expanding into new markets
  • Dubai banking giant lay-offs due to slowdown in region: report
  • Malaysia's Maybank in talks to launch sharia-compliant operations in Dubai
  • Malaysia's largest Islamic bank launches first overseas branch in Dubai

DIB has more than 9,000 employees while Noor Bank has between 1,200-1,400 full-time staff.

Cuts will be on both sides, but DIB is the buying side so it is likely cuts will be more on Noor"

The report comes just days after DIB secured necessary approvals from the relevant regulatory authorities to complete its acquisition of Noor Bank.

DIB completed its acquisition of sharia-compliant Noor Bank last month in a deal that will make DIB one of the world's largest Islamic banks, with total assets worth 275 billion dirhams ($75bn).

The deal is part of a wave of mergers in the UAE and wider Gulf banking sector. Reuters said an integration process has been under way in recent weeks, in which team bosses have sat down with their counterparts to discuss who to keep.

"The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and among the largest banking entities in the UAE," DIB Chairman Mohammed Ibrahim al-Shaibani said reports after the deal was completed.

Islamic finance, based on banning interest rates, has been growing in Islamic countries.

 

Subscribe to International Investment's free, twice-daily, newsletter

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Dubai Islamic Bank
  • DIB
  • Noor
  • Noor Bank
  • UAE
  • Middle East
  • GCC
  • Islamic finance

More on Banking

Credit Suisse opens Riyadh branch following Saudi license

  • Banking
  • 11 January 2021
Hong Kong residents eye offshore bank accounts

  • Banking
  • 21 December 2020
HSBC Singapore launches open banking service FinConnect

  • Banking
  • 07 December 2020
More UK banks confirm Brexit account closures

  • Brexit
  • 04 December 2020
HSBC increases stake in Saudi British Bank

  • M&As
  • 02 December 2020
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading